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Insurers need to focus on value-added biz

(chinadaily.com.cn)
Updated: 2007-07-12 17:02

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According to an insurance commissioner, life insurance companies need to adopt more long-term strategies and stick to value added businesses instead of relying on premium income numbers.

A life insurer cannot be assessed merely in terms of premium income or company scale, according to Chen Wenhui, assistant to the chairman of theChina Insurance Regulatory Commission(CIRC).

Chen said life insurers in China should exert their own core competence, make use of their advantages in risk management and long term asset management services, and combine damage compensation with long term saving functions.

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The full text is available in the July Issue ofChina Insurance.